Location: Payne County, OK | Metro: Payne County, OK
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,300 | $244,366 | 0.53% | F |
U.S. Census Bureau data (2024)
ZIP code 74062, located within the Payne County, OK metro area, presents a unique profile when compared to typical ZIP codes in the county. The Fair Market Rent (FMR) for ZIP 74062 stands at $940 for fiscal year 2026, which is notably higher than the market rent figure of $696. This indicates that while the government's benchmark for rental affordability is set higher, the actual rents charged are lower, suggesting a potential value pocket for landlords.
The median home value in ZIP 74062 is $178,803, which is reflective of the overall housing market conditions in Payne County. However, it's the 21.5% renter share that makes ZIP 74062 stand out. This percentage is indicative of a significant portion of the population renting rather than owning their homes, which can be a positive sign for landlords looking to attract tenants.
When considering ZIP 74062 within the broader context of Payne County, OK, it appears to be a mid-tier neighborhood. The FMR being higher than the actual market rent suggests that there might be some subsidized housing opportunities available, making it attractive for landlords who wish to participate in the Section 8 program. The relatively low home values coupled with a high renter share can signal a sweet spot for Section 8 investors, as it means more affordable housing options for renters and potentially a larger pool of eligible tenants.
Landlords should take note of the disparity between the FMR and the market rent. This could present an opportunity to offer rental properties at slightly above the market rate but still within the bounds of the FMR, thus maximizing rental income while remaining competitive. Additionally, the high renter share implies a robust demand for rental properties, which can be beneficial for both landlords and small-portfolio investors seeking steady occupancy rates.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.